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Sunday, 1 August 2010

Gulf Keystone Trading Ltd

Gulf Keystone Trading Ltd. (AIM: GKP), an AIM listed independent energy company whose goals are to explore, develop and produce oil and gas primarily in North Africa and the Middle East, has announced the beginning of exploration of Shaikan I in northwestern Kurdistan, Iraq. In addition, GKP has exploration rights to the Akri-Bijeel Block, adjacent to Shaikan I. These blocks join GKP's already producing fields at Hassan Ba Hamou, Algeria, as well as its northern Algerian production areas.

GKP has also announced that the first pre-packaged production units have arrived at at Shaikan I and this equipment, together with other oil tanks and a truck-loading facility, will form the long-term basis of a 10,000 barrel output per day (bopd) facility. This startup phase of production testing should last 18 to 24 months and will provide data on the reservoir in this area. This also represents the first testing of the Sargelu oil reservoir....
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